AI Startup Temporal Raises $550 Million in Funding, Valuation Reaches $12.55 Billion

Artificial intelligence startup Temporal has completed a $550 million late-stage funding round, doubling its valuation to $12.55 billion in just seven months. The round was led by Lightspeed Venture Partners, with Wellington Management, Goldman Sachs Alternatives' Growth Equity, and Tiger Global participating as co-leads. SV Angel and T. Rowe Price Associates' advisory accounts also took part, while existing investors Andreessen Horowitz (a16z), Sequoia Capital, and GIC continued to invest. The funds will be used to expand global operations and deepen platform development. Founded in 2019, Temporal develops open-source software that helps applications recover from failures, reducing the need for engineers to write custom recovery code. Clients include OpenAI, Snap, Nvidia, Netflix, and JPMorgan Chase. The company has 570 employees and an annualized revenue run rate exceeding $250 million, more than doubling year-over-year. In February of this year, the company completed a $300 million funding round led by a16z at a valuation of $5 billion.